SARASOTA, Fla., Aug. 01, 2017 (GLOBE NEWSWIRE) -- HC Government Realty Trust Inc. today announced that it has completed the previously announced acquisition of a U.S General Services Administration (“GSA”)-leased commercial property in Montgomery, Alabama.
The newly acquired property is a 21,116 sq. ft., single-story property which is currently occupied by the U.S. Citizenship and Immigration Services (CIS) and is located at 3381 Atlanta Highway, Montgomery, Alabama. The CIS Montgomery office which currently occupies approximately16,000 sq. ft. and is expanding into the remaining space, serves as the USCIS headquarters for the entire State of Alabama and is 100% leased to the United States of America through December 2031. The aggregate purchase price of the property was approximately $4,800,000 and the selling broker was Cushman & Wakefield. As with all GSA properties, the lease is backed by the full faith and credit obligation of the United States of America.
The Company’s strategy is to acquire and operate GSA properties that fulfill mission-critical or direct citizen service functions primarily located across secondary or smaller markets. HCGRT has identified more than 1,300 potential acquisition targets which fall within size ranges of 5,000-50,000 rentable square feet (RSF), and within their first term after construction or retrofitted to post-9/11 standards. The Company’s real estate portfolio currently includes 12 GSA properties representing approximately 230,000 RSF and houses tenants including the CIS, FBI, Social Security Administration, and Customs and Border Protection, among others.
About HC Government Realty Trust, Inc.
HC Government Realty Trust, Inc. was formed in 2016 with the purpose of acquiring and operating GSA properties, which are full-faith credit obligations of the U.S. Government. GSA-leased real estate asset classes typically possess a highly stable tenant base, long-term lease structures and low risk of tenant turnover. The Company’s initial portfolio consists of U.S. Government tenant agencies, including a number of the U.S. Government’s largest and most essential agencies, such as the Drug Enforcement Administration, the Federal Bureau of Investigation, the Social Security Administration and the Department of Transportation. For more information, please visit our corporate website at www.hcgovtrust.com.
About this Press Release
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities of the Company, including without limitation the common stock. Any such offer is made exclusively through the Company’s final offering circular dated November 7, 2016, as the same may be amended or supplemented (the “Final Offering Circular”).
